Multitasking

The M2 Picaxe series has multitasking (time slicing) to allow up to 4 tasks to run simultaneously which the manual says is to make monitoring switches and flashing LEDs etc, easier to program. I was just wondering has anyone explored how far you can take the multiple tasks idea. Has anyone, for example, tried controlling a servo, monitoring switches and varying PWM on a motor?

I've got a feeling that everything will get a bit glitchy, but perfectly happy to be proved wrong.